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The Real Deal NYC

Trader Joe’s heading to Long Island City, brokers confirm

Trader Joe’s is on its way to Long Island City, according to multiple brokers who work in the neighborhood. The popular grocery store will open a location of about 17,000 square feet at 22-43 Jackson Avenue. Construction should begin early next year. News of the opening was first reported by LIC Post. Circle F Capital is developing the Andres Escobar–designed building, which is known as the Prime. It will include 71 residential units. Representatives for

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Two bitter rivals compete for WeWork castoff

Eight months after selling his office-services firm to WeWork for $220 million, Dan Teran is raising money to buy Managed by Q back at a fraction of the price. But another interested bidder is threatening his successful takeover. Eden, a San Francisco-based startup and one of Managed by Q’s biggest competitors, has bid on the sale of the company, people familiar with the matter told The Real Deal. According to those involved, Teran and Eden

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Lachlan Murdoch sets LA record with $150M deal for Bel Air mansion

UPDATED, 11:15 p.m., Dec. 11: Lachlan Murdoch has paid $150 million for the Chartwell Estate in Bel Air, setting a new record for the priciest home in Los Angeles. The mansion belonged to the late media mogul Jerry Perenchio, and hit the market as a pocket listing two years ago at a $350 million price tag. Sources familiar with the deal told the Wall Street Journal that Murdoch, the co-chair of News Corp. and the

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E-commerce company inks pricey deal at Vornado’s High Line office space

Loyalty-rewards company Next Jump inked a pricey lease at Vornado Realty Trust’s boutique office development on the High Line. The company completed a deal to take 41,300 square feet at 512 West 22nd Street, Crain’s reported. Next Jump is paying nearly $160 per square foot for the space across the 11-story building’s top three floors, according to Crain’s. Vornado co-developed the 172,000-square-foot building in partnership with the Olayan Group and the Albanese Organization. Earlier this

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Contractor in alleged mob scandal worked on major NY projects

It’s a nightmare for any builder: Mobsters connect with an employee in your company who steers them business and receives kickbacks. That allegedly happened recently to three New York metro area companies, according to federal prosecutors. The Department of Justice accused three men associated with a subcontractor, carpentry company CWC Contracting, of paying hundreds of thousands of dollars in bribes and kickbacks. In return, the department alleged, the bribed employees would pad CWC’s bottom line

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The $2.5B plan to lure millennials into new houses

A development team has a $2.5 billion plan to lure millennials — and some Gen Xers — out of amenity-filled apartments and into thousands of new houses across the country. Miami-based Partners Global City Development and Brazil-based Leste investment management firm want to construct 10,000 new houses and townhomes in the build-to-rent space, The Real Deal has learned. The plan is on an aggressive timeline, with the venture aiming to build the houses in 30

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Madison Realty Capital throws merry bash

Madison Realty Capital invited a few hundred friends to the Lower East Side Thursday night for its annual holiday party — one of the hottest events on the schedule of year-end celebrations. Josh Zegen, Brian Shatz, and Adam Tantleff hosted the event at the Lightstone Group’s Moxy Hotel on East 11th Street, which opened in September. 

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For the birds: NYC buildings told to use flight-friendly materials

Flight conditions in New York City just got a little clearer — for birds, that is. The City Council on Tuesday approved a bill that requires bird-friendly materials to be used for 90 percent of the building envelope on new projects and major renovations. It applies to the first 75 feet of a structure, into which birds are most likely to fly. The measure defines “bird-friendly” as glass and facade materials that are more visible

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Porter House penthouse among NYC’s 5 priciest homes to hit the market last week

The first week of December saw pricier listings come online, with homes ranging from $19.5 million to just under $10 million hitting the market. Combined, the top five listings in New York City totaled $62.4 million. Here’s a look at the priciest ones to hit the market between Dec. 2 through Dec. 8, according to an analysis of StreetEasy and Compass data. 1. 1 West End Avenue, Unit 29B | Lincoln Square | $19.5 million

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Cuomo goes after Sam Chang as union drama unfolds

UPDATED, 9:14 p.m. Dec. 10: Hotel union drama appears to be behind a $2 million lawsuit against Sam Chang. And now Gov. Andrew Cuomo has the prolific hotel developer in his crosshairs. After the cleaning workers at his Club Quarters Wall Street hotel voted to join the New York Hotel Trades Council over the summer, Chang abruptly fired them about two months later, according to the New York Daily News. A total of 48 workers

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